Circle, the issuer of Stablecoins as the USDC, recently announced the launch of Euro Coin (EUROC) on the Avalanche network. This move is aimed at providing faster and more efficient payment and financial services to both developers and users.
Launch EUROC part of multi-chain strategy
The Circle team has announced that the launch of EUROC on the Avalanche network is an important part of their multi-chain strategy. According to the team, this move will increase liquidity and allow users to transact in euros, in addition to the already supported USD Coin (USDC).
Last year, the stablecoin issuer introduced EUROC as a regulated stablecoin fully backed by euro reserves. This means that for each EUROC token, an equivalent Euro is held with financial institutions regulated in the United States.
Joao Reginatto, vice president of product at Circle, emphasized that the launch of EUROC will enable wider access to the euro for everyone. Reginatto explained the following:
When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to be able to access the Euro across borders and time zones.
More cost-effective experience offered
According to Reginatto, bringing the token to Avalanche will provide developers and users with a “more cost-effective” experience in their financial transactions. Circle’s board believes this will create new opportunities for payments and remittances.
John Nahas, the vice president of business development at Ava Labs, expects Euro Coin to receive “great feedback and usage” on the Avalanche blockchain. He emphasizes that decentralized finance (DeFi) is expanding into a more multi-currency and cross-border environment, and that the addition of EUROC will accelerate adoption to a “much larger part of the world.”
In addition, Circle recently introduced a protocol that allows cross-chain transfers of USDC between Ethereum and Avalanche. On April 26, the team launched the protocol by which coins are burned on the sending chain and new coins are created on the receiving chain. Finally, this is a significant difference from traditional bridges where tokens are simply locked to their contract.